Through the process of completing the 2014 annual accounts we had a number of clients tell us that they no longer had certain assets on their books/asset schedule. It can be well worth informing us of this especially when they have been scrapped/thrown out/replaced.
The remaining balance of this asset can be ‘written off’ which creates an expense; decreasing your profit and of course, the tax you pay.
The easiest way for you to check the assets listed is to take your 2014 accounts and have a read through the ‘asset schedule’ and check whether all of these assets are still in use.
In some cases, clients have had thousands of dollars of assets written off meaning their profits have been considerably reduced and also the tax they pay.
We know that some of you will have worn out your accounts through over reading them so if you would like a copy of your asset schedule then call the office on 06 278 4169 and we will send you a copy out.